Binance Labs denies participation in SkyArk Chronicles’ $15M funding round

• Binance Labs says it was “unware” of SkyArk Chronicles’ $15 million funding round and that it did not participate as the AAA gaming platform claimed.
• SkyArk Chronicles has apologized for the “miscommunication”.

Binance Labs has refuted claims that it participated in the gaming platform SkyArk Chronicles’ latest financing round.

The venture capital arm of crypto exchange Binance released a statement on Monday distancing itself from SkyArk Chronicles’ $15 million funding, noting that the only participation it had was in the incubation of the project in 2021.

Binance says it never participated in the $15 million round

Binance’s reaction was prompted by an announcement that its venture arm had led SkyArk Chronicles’ funding round. Binance Labs says it had asked the NFT project to rectify the claim as posted in the announcement article and on X.

While SkyArk deleted the post on the social media platform, it appears no other effort was made – despite Binance’s repeated calls via private communication.

In one of its notices to the crypto community, Binance Labs said:

“SkyArk Chronicles is a project incubated and invested in by Binance Labs in 2021 through Incubation Season 3; please note that Binance Labs did not participate in the project’s latest financing round this year.”

While it sought to avoid any possible FUD for the project, Binance Labs said it was “unaware” of the $15 million investment the SkyArk Chronicles team claimed Binance Labs had led. The project’s announcement did not also stick to the facts.

“The development of a project will not collapse because Binance Labs has made a clarification on the facts. If a project is built on false expectations of prosperity, it is not truly brilliant. Looking at the recent operational and marketing activities by SkyArk Chronicles, we can see their potential for servicing end consumers and the community,” Binance noted in its statement on Monday, January 29.

SkyArk said its $15 million fundraising had attracted the participation of several crypto investment platforms, including VividThree, Jambo Technology, GuildFi Global, and BreederDAO. The AAA gaming platform closed the funding round on January 12, 2024.

SkyArk Chronicles launched its Genesis NFT sale on January 26, 2024, netting more than 50,000 ETH.

Some observers have pointed out that the game studio messed up big time with the “false” claim. However, following Binance Labs’ statement, SkyArk Chronicles apologized via X, stating that it appreciated Binance Labs’ clarification.